Ethics A Major Influencer In ROI Consumer Spending Habits

A strong majority of consumers in the Republic of Ireland say that they factor ethics in their spending habits, according to the latest survey.

Accounting and advisory firm RSM conducted a 2,000 person survey across the Republic of Ireland, Northern Ireland, and the UK which found that Irish consumers are the most easily influenced by third-party factors.

88% of Irish consumers factor ethics in their spending, the highest of the three countries, with 79% in Northern Ireland and 74% in the UK claiming to do the same.

50% of consumers in the ROI said they would pay a premium for ethically produced goods and services, compared with 43% in Northern Ireland and 38% in the UK.

In all three areas, those aged between 18 and 30 were most likely to be open to paying a premium.

In line with the ethics factor, 40% of ROI consumers said that a company’s contribution to the community was a factor among the older generation.

43% of people from younger generations said that sustainability was an important factor for them.

Human Influencers

Another factor that is most commonly seen in the Republic of Ireland is the word of mouth, with 67% of people claiming their family and friends would influence their spending.

This is compared with 45% in the UK and 58% in Northern Ireland.

TV advertising influences 46% of consumers in ROI, 42% in NI and 28% in the UK, and online influencers, such as bloggers or Instagram users, influence 44% of consumers in ROI, 25% in Ni and 21% in the UK.

The reported added that among Generation Z respondents, this figure jumps to 80% in ROI, 67% in NI and 55% in the UK.